IMARC Group, a leading market research company, has recently releases report titled “Wood Based Panel Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028.” The study provides a detailed analysis of the industry, including the global wood based panel market share, size, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
Report Highlights
How Big is the Wood Based Panel Market?
The global wood based panels market size reached US$ 165.2 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 236.8 Billion by 2028, exhibiting a growth rate (CAGR) of 6% during 2023-2028.
What are Wood Based Panel?
Wood-based panels are made from wood chips, strips, veneers, strands, and fibers bonded together with synthetic or other adhesives, including phenol-formaldehyde resins and urea-formaldehyde adhesives. Some commonly used wood-based panels comprise particleboard, medium-density fiberboard (MDF), high-density fiberboard (HDF), plywood, soft board, hardboard, and oriented strand board (OSB). They are highly versatile, easy to maintain, long-lasting, cost-effective, and resistant to moisture and temperature, with enhanced shape stability corresponding to solid wood furniture. As a result, wood-based panels are extensively utilized in the packaging, construction, and shipping industries.
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What are the growth prospects and trends in the wood based panel industry?
The market is primarily driven by the expanding construction industry across the globe. This can be attributed to the extensive investment in the infrastructure development of commercial and residential sectors worldwide. In addition, the increasing utilization of wood-based panels for high structural durability to walls, beams, doors, staircases, roofs, and floors is contributing to the market growth.
Moreover, the escalating demand for aesthetically appealing furniture among the masses and the rising demand for oriented strand board (OSB), as it is a cost-effective solution for home construction, is providing a thrust to the market growth. Besides this, the market is further propelled by the increasing utilization of particleboard, as it is denser and more uniform than traditional wood products and plywood.
Along with this, key players are conducting research and development (RD) activities to develop production processes for wood-based panels, thus accelerating market growth. Furthermore, the growing preference for eco-friendly wood-based panels that are less harmful to the environment is expected to propel market growth in the coming years.
What is included in market segmentation?
The report has segmented the market into the following categories:
Breakup by Product Type:
- Medium Density Fiberboard (MDF)/High Density Fiberboard (HDF)
- Oriented Strand Board (OSB)
- Particleboard
- Softboard and Hardboard
- Plywood
- Others
Breakup by Distribution Channel:
- Online Stores
- OEMs
- B2B
- Specialty Stores
- Others
Breakup by Application:
- Furniture
- Construction
- Packaging
- Others
Breakup by Region:
- North America: (United States, Canada)
- Asia Pacific: (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America: (Brazil, Mexico, Others)
- Middle East and Africa
Who are the key players operating in the industry?
The report covers the major market players including:
Binderholz GmbH, Dongwha Enterprise, EGGER Group, Evergreen Fibreboard Berhad, Georgia-Pacific LLC (Koch Industries Inc.), Green River Holding Co. Ltd., Kastamonu Entegre, Louisiana-Pacific Corporation, Sonae Arauco, Starbank Panel Products Ltd., West Fraser Timber Co. Ltd. and Weyerhaeuser Company
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